Electricity generation rises to 3,959 megawatts

January 5, 2017

The Transmission Company of Nigeria (TCN) on Wednesday wheeled out about 3,959 megawatts of generated electricity to the 11 distribution companies as the country’s power supply gradually stabilises. The News Agency of Nigeria (NAN) reports […]

Active telecom subscribers rose by 435,343 in November —NCC

January 5, 2017

The Nigerian Communications Commission (NCC) said active users of telecommunications services in the country increased to 153,949,450 in November 2016. The telecommunications industry regulator gave the figure in its Monthly Subscriber/Operator Data, obtained by the […]

Naira weakens to N490/$ at parallel market

December 29, 2016

The naira on Wednesday weakened to N490 to a dollar at the parallel market after appreciating to N485 to a dollar during the Christmas break. The News Agency of Nigeria (NAN) reports that the naira […]

Economy: Dangote commends Nigerians’ resilience

December 28, 2016

Africa’s richest man and president, Dangote Group, Aliko Dangote, has commended Nigerians for their resilience and doggedness even in the facing of the prevailing economic challenges. Dangote said Nigerians have made sacrifices that would soon […]

MTN pays N80bn of N330bn fine — FG

December 27, 2016

The Federal Government says MTN had paid N80 billion of the N330 billion fine imposed on it for failing to deactivate more than five million unregistered SIM cards. Speaking at the News Agency of Nigeria […]

Naira falls again at parallel market

December 22, 2016

The naira on Wednesday fell further to N492 to a dollar at the parallel market, from N490 it closed on Tuesday, the News Agency of Nigeria (NAN) reports. The pound sterling and the euro closed […]

Oil prices rise, dollar yield grows

December 22, 2016

The United States’ dollar held near 14-year peaks on Wednesday as global yield spreads moved inexorably in its favour, while a falling yen lifted Japanese shares to a one-year top. United States’ crude futures were […]

UBA wins five categories at global banking awards

December 14, 2016

The United Bank for Africa (UBA) recently clinched five country awards, winning Bank of The Year 2016 in Gabon, Congo-Brazzaville, Senegal, Cameroon and Chad at the annual Bankers Award in London. The Group Managing Director/CEO, […]

Access Bank named bank of the year

December 14, 2016

ACCESS Bank Plc, one of Nigeria’s largest financial services institutions, has been recognised as ‘Bank of The Year – Nigeria 2016’ by The Banker Magazine, a publication of the Financial Times Group. The announcement was […]

Obaseki to partner Bedc to industrialise Edo

December 13, 2016 David

Governor Godwin Obaseki of Edo State has pledged his readiness to partner with Benin Electricity Distribution Plc. (BEDC) to industrialize Edo State and create jobs for its teeming unemployed youths. The Governor made the pledge […]

UNIDO kicks off EDIP in Nigeria

December 7, 2016

The United Nations Industrial Development Organisation’s Investment and Technology Promotion Office has kicked off the Enterprise Development and Investment Promotion (EDIP) programme in Nigeria. The programme, which was set rolling with the first train-the-trainers workshop […]

Chevron appoints Esimaje Brikinn as GM, PGPA

December 6, 2016

Chevron Nigeria Limited (CNL) has announced the appointment of Mr Esimaje Brikinn as General Manager of Policy, Government and Public Affairs (PGPA). Mr Sola Adebawo, the CNL Manager, Communications, disclosed this in a statement on […]

Oil prices rise ahead of OPEC meeting

November 30, 2016

Oil rises on Wednesday ahead of an OPEC meeting later in the day, with members of the producer cartel trying to thrash out an output cut to curb oversupply. International Brent sweet crude was trading […]

NAICOM says CEO not arrested

November 25, 2016

The National Insurance Commission (NAICOM) on Thursday, described as false, a report that its Chief Executive Officer and Commissioner for Insurance, Alhaji Mohammed Kari, was arrested on Wednesday. Kari told the News Agency of Nigeria […]

GE sponsors entrepreneurship competition in varsities

November 25, 2016

In line with its commitment to localization and building skills for Nigerian talent, General Electric (GE) was the headline sponsor for the Universities Entrepreneurship Competition 2016 held earlier this weekat the Enterprise Development Centre of […]

Nigerian crude not abandoned —NNPC GMD

November 24, 2016

Dr Maikanti Baru, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC),  says Nigerian crude oil is not an abandoned commodity. Baru said this while addressing newsmen after declaring open the 2016/2017 bid […]

FG, states, LGs shared N420bn in October

November 24, 2016

A total of N420 billion has been shared as Federal Allocation for the month of October 2016 by  the  Federal Government, State governments and Local Government Councils after the monthly meeting of the Federation Account […]

UBA bags CFO, other awards

November 22, 2016

The United Bank for Africa Plc, on Saturday, won the CFO of the Year, Financial Innovation Project of the Year and Finance Team of the Year awards. This is the second time the bank will […]

Nigerian equity market sheds 0.24%

November 18, 2016

The Nigerian equity market on Friday closed the week on a bearish trend, with market indices dropping by 0.24 per cent, amid huge loses by some highly capitalised stocks. The News Agency of Nigeria (NAN) […]

NCC warns against sales of pre-registered SIM

November 14, 2016

The Nigerian Communications Commission (NCC) has, again, warned telecoms operators against the sales of pre-registered  SIM cards, as the Commission asked subscribers and other members of the public to alert the Commission or  security agencies, […]

StarTimes to launch free Open Week

November 14, 2016

All viewers and new subscribers of StarTimes in Nigeria can freely have access to several prominent channels including Fox Life, National Geographic Channel (NGC), StarTimes Bollywood and StarTimes World Football for one week, as the […]

LBCI commences renewal of its estates

November 9, 2016 David

THE Lagos Building Investment Company Plc (LBIC), on Wednesday, announced the commencement of the renewal of all estates under its purview to enhance their economic value and make them safer for residents. The company had, […]

Recession: AfDB approves $600m financial support for Nigeria

November 3, 2016

The African Development Bank (AfDB) has approved 600 million dollars loan as the first tranche of a one-billion-dollar budget support to help finance Nigeria’s economic governance, diversification and competitiveness programme. The Spokesperson for the bank […]

NNPC loses N11.22bn in 1 month —Report

November 3, 2016

The Nigerian National Petroleum Corporation (NNPC) has again reported a month-end trading deficit of N11.22 billion in August. The figure was obtained on the NNPC website detailing its monthly financial and operations report released in […]

Azikel refinery to commence operations in 2018

November 1, 2016

One of the private refineries licensed last year, Azikel Refinery, is gearing up to start operation in 2018. Towards this end, the company has awarded a contract to a Texas, United States of America based […]

DISCOs project revenue shortfall of N809bn by December

November 1, 2016 David

THE Association of Nigerian Electricity Distributors (ANED) on Tuesday projected that the electricity market revenue would record an N809.8 billion shortfall by December. Mr Sunday Oduntan, the Executive Director, Research and Advocacy, ANED, disclosed this […]

Skye Bank exits 50 employees, outsourced staff

October 31, 2016

There are indications that about 50 staff members of Skye Bank and staff in outsourced and auxiliary functions have been exited from its employment. Although the numbers of the affected non-core staff were not stated […]

Tony Elumelu Foundation hosts 1,000 entrepreneurs today

October 27, 2016

The Tony Elumelu Foundation (TEF) has opened the second TEF Entrepreneurship Forum, the largest gathering of African entrepreneurs and the highlight of the annual TEF Entrepreneurship Programme. The forum celebrates the 2016 cohort of Elumelu […]

No plan to increase electricity tariff – Discos

October 26, 2016 David

The Association of Nigerian Electricity Distributors (ANED) on Wednesday said it had no plan to increase the current tariff being paid by consumers. Mr Sunday Oduntan, ANED Executive Director, Research and Advocacy, disclosed this in […]

Unity Bank grows assets by 7.4%

October 25, 2016

Unity Bank Plc has announced a Total Assets size of N476.15 billion for the quarter ended September 30, 2016 representing an increase of 7.4% or N32.6 billion over N443.3 billion recorded as at December 31, […]

Naira inches to N280 per US dollar

October 20, 2016

The Nigerian currency, the Naira is inching towards  the N280 to the dollar opening rate at the Financial Markets Dealers Qoute (FMDQ). The naira on Wednesday closed at N304.75 to the dollar at the official interbank […]

FG appoints new directors for FAAN

October 18, 2016 David

Following the massive sack that took place at the Federal Airports Authority of Nigeria (FAAN) last week, the Federal Government has appointed two new directors for the authority. The newly appointed directors are Mrs Nike […]

BEDC tops metering roll out rating by NERC

October 18, 2016

Benin Electricity Distribution Plc. (BEDC) has emerged tops in metering progress performance rating report amongst Distribution Companies (Discos) carried out by the Nigerian Electricity Regulatory Commission (NERC) in its second quarter 2016 state of affairs […]

Naira sustains recovery at forex market

October 17, 2016

The Naira on Monday sustained its recovery trajectory in all the major segments of the forex market, the News Agency of Nigeria (NAN) reports. The Naira gained five points to exchange at N455 to the […]

Medview gets aviation highest safety

October 17, 2016 Shola Adekola-Lagos

Nigeria’s domestic airline, Medview has recorded an international feat as the carrier was yesterday awarded the International Air Transport Association   (IATA) Operational Safety Audit (IOSA) audit, meaning that the airline has now joined big international […]

FirstBank now sole FX dealer to BDCs

October 14, 2016

The Central Bank of Nigeria (CBN) has announced FirstBank the sole authorized dealer for foreign exchange proceeds to licenced Bureau de Change (BDC) operators in Nigeria. The announcement is coming on the heels of the […]

No Nigerian bank is undercapitalised – CBN

October 13, 2016

The Central Bank of Nigeria (CBN) has said that there is no truth in a report that seven Nigerian banks are undercapitalised. The Director, Banking Supervision, Mrs Tokunbo Martins, told journalists at the end of […]

FirstBank now the sole FX Dealer to BDCs

October 13, 2016

The Central Bank of Nigeria (CBN) has announced FirstBank the sole authorized dealer for foreign exchange proceeds to licenced Bureau de Change (BDC) operators in Nigeria, just as the bank has promised sale of foreign […]

UBA grows profit to N62bn in nine months

October 12, 2016

The United Bank for Africa Plc (UBA) announced its unaudited third quarter financial results, showing a 7per cent year-on-year growth in profit before tax to N62 billion despite the challenging macro-economic environment. The Bank recorded […]

European Investment Bank, UBA sign 60m Euro deal

October 11, 2016

The European Investment Bank and United Bank for Africa (UBA) have agreed to a new EUR 60 million lending programme to support private sector investment across Nigeria. This represents the EIB’s largest ever loan to […]

FIRS grants 45 days amnesty to tax defaults

October 6, 2016

The Federal Inland Revenue Service (FIRS) has released a publication announcing that it would waive all penalties and interests due on tax defaults for three tax years. According to the publication, the tax waiver is […]

Nigeria shines in Montreal

October 6, 2016 David

Nigeria’s aviation sector has again recorded a giant feat in far away Montreal, Canada when for the first time the 152 International Civil Aviation Organisation (ICAO) member states unanimously voted for Nigeria to secure a […]

NSE: Profit taking dips market by 0.95%

October 6, 2016

The Nigerian Equities market continued on a downward trend as lead key indicator the Nigerian Stock Exchange All-Share Index (NSE ASI) depreciated 0.95 per cent to close at 28,009.40 basis points on Wednesday in comparison […]

GTBank MD named CEO of the Year

October 6, 2016

Managing Director/Chief Executive Officer of Guaranty Trust Bank plc, Segun Agbaje, has emerged the 2016 Ai Socially Responsible Investment (SRI) 30 CEO of the year. This was announced at this year’s 9th annual Ai CEO […]

NACAN alerts of shortage of air traffic controllers

October 6, 2016

Members of the National AirTraffic Communicators Association of Nigeria (NACAN) have alerted of the acute shortage of air traffic controllers required to man the country’s 24 functional airports. Speaking during the opening ceremony of NACAN […]

Recession not deterrent to UK businesses in Nigeria

October 4, 2016

International Trade Adviser at the United Kingdom (UK) Department for International Trade, Mr Carl Woolf on Tuesday said that London companies would not be discouraged by Nigeria’s current economic recession. Woolf told the News Agency […]

Nigeria in top 10 Africa’s sustainable economies

October 4, 2016

Nigeria is one of 10 countries in Africa that have improved across all four sub-categories of Sustainable Economic Opportunity category, the 2016 Ibrahim Index of African Governance (IIAG) has revealed. The index, which was launched […]

Recession: EU advises Nigeria to devalue naira

October 4, 2016

European Union (EU) official Fillippo Amato has advised the Federal Government to devalue the Naira as part of measures to tackle the economic recession. Amato, Counsellor, Head of Trade and Economics Section of EU, made […]

Udoma urges donors to support made-in-Nigeria products

October 2, 2016

Budget and National Planning Minister, Senator Udoma UdoUdoma has appealed to international agencies to assist Nigeria’s drive for self sufficiency by encouraging the local production of items required for the execution of their mandates in […]

How Nigeria can fix broken economy —Atiku

September 30, 2016

Nigeria’s former vice president, Atiku Abubakar, on Wednesday gave his perspective on why the country’s economy is broken, and what the leaders must do to fix it. Abubakar said the country may wait for long […]

Why Nigeria lost $200bn —NEITI

September 28, 2016 Ademola Adegbite-Abuja

THE Nigeria Extractive Industries Transparency Initiative (NEITI), on Wednesday, explained that Nigeria has experienced huge losses to the tune of about $200 billion due to failure to pass an enabling law for the petroleum industry. […]

Powering Africa holds Nigeria investment summit

September 24, 2016

AN international power organisation, The Powering Africa, is set to hold its annual Nigeria investment summit. The event will allow prospective investors, power stakeholders and government agencies to discuss the future of the energy sector […]

FAAC shares N510.2bn for August

September 21, 2016 Sanya Adejokun-Abuja

The Federation Accounts Allocation Committee (FAAC) on Tuesday distributed a total sum of N510.271 billion to beneficiaries for the month of August, 2016. Minister of Finance and Chairman of FAAC, Kemi Adeosun who briefed reporters […]

Emefiele assures on early end to recession

September 19, 2016

Contrary to the position of notable economists that the economic recession the country is currently enmeshed in will last a while, governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has said the […]

Nigeria will lose $1.3trn to EPA —MAN

September 19, 2016

Nigeria may  lose up to 1.3 trillion dollars in revenues if it signs the Economic Partnership Agreement (EPA), the Manufacturers’ Association of Nigeria (MAN) has said. The association’s view is contained in a statement, issued […]

FirstNation airlines resumes flights

September 18, 2016

Two weeks after suspension of its flight operation due to inadequate aircraft in its fleet, the management of FirstNation Airline on Sunday announced its return. In a statement issued by Rasheed Yusuff, Corporate Affairs in […]

Unity Bank donates relief materials to Borno IDPs

September 15, 2016

  Borno State Governor, Honourable Kashim Shettima, has commended Unity Bank Plc for donating relief materials worth millions of naira to the Internally Displaced Persons (IDPs) in the state to help alleviate the sufferings of […]

How we’ll save 70% import/export costs —SCL

September 14, 2016 Akin Adewakun-Lagos

Global procurement, clearing and forwarding service company, Simplified Corporate Logistics (SCL) has explained how its newly introduced full-service logistics package, SLogisticsng.com, will save Nigerian businesses up to 70 percent of  procurement,  handling, clearing and forwarding […]

BPE commends IBEDC for embedded electricity generation

September 14, 2016

Acting Director General of the Bureau of Public Enterprises (BPE), Dr Vincent Akpotaire, has commended the Ibadan Electricity Distribution Company (IBEDC) for its efforts at improving power supply to electricity consumers under its network. The […]

Ex-minister berates EFCC, banks on forex scarcity

September 14, 2016

Nigeria’s former Minister of Education, Honourable Kenneth Gbagi who served under former President Goodluck Jonathan, has berated the Economic and Financial Crimes Commission (EFCC) and Nigeria’s commercial banks for their roles in Nigeria’s financial and […]

BEDC wins Africa quality achievement, 9ja safety awards

September 11, 2016

Benin Electricity Distribution Plc. (BEDC) bagged two awards: African Quality Achievement Award as the Most Innovative Power Distribution Company in Africa in 2016 and the 9ja Safe Merit award respectively, in recognition of its ‘excellent […]

IBEDC launches new billing system

September 11, 2016

The management of Ibadan Electricity Distribution Company (IBEDC) has launched a new billing system that is “geared towards meeting the expectations of its valued customers across the franchise.” The company said the billing system, tagged […]

10 countries implements ECOWAS common tariff

September 8, 2016

ECOWAS Director of Trade, Mr Gbenga Obideyi has said that 10 member states have so far implemented the Common External Tariff (CET), which came into effect in Jan. 2015. Obideyi told the News Agency of […]

NSE ASI up 0.19%

The Nigerian equities market continued on a positive note today after rebounding by 0.07% on Wednesday. The Nigerian Stock Exchange All Share Index (NSE ASI) thus appreciated by 0.19 percent to close at 27,574.09 basis […]

No going back on airports concession —FG

September 7, 2016

The Federal Government says there is no going back on its plan to concession the four major airports in the country. The Minister of state for Aviation, Hadi Sirika, who met with journalists in Lagos, […]

IPPIS registers 452 MDAs staff on system —Official

September 7, 2016

The Integrated Payroll and Personnel Information System (IPPIS) said on Wednesday that it had registered 452 Ministries, Departments and Agencies (MDAs) emoluments payroll on its system or data. Hajiya Asama’u Mustapha, Head Third Party of […]

Why we suspended flights —FirstNation

September 7, 2016 Shola Adekola-Lagos

The management of FirstNation Airways has cleared the air on why it suspended its flight operations. Addressing aviation journalists in Lagos, the Director, Flight Operations, FirstNation, Captain Chimara Imediegwu said the airline suspended operations due […]

Wema Bank reopens Minna branch

September 5, 2016

  Wema Bank Plc has reopened its branch in Minna, Niger State. This comes barely a year after the bank obtained a national banking licence from the Central Bank of Nigeria (CBN). Speaking about the […]

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